Vacancy rate for industrial properties edges up

﻿﻿﻿﻿﻿﻿The vacancy rate at industrial properties in the Capital Region was 10.9 percent at the end of December, according to a new report from CB Richard Ellis/Albany.

That rate is slightly higher than the rate of 10.5 percent six months earlier. The report also says that Capital Region industrial lease rates were fairly flat in 2009, and construction of warehouse space was “virtually non-existent.”

The report notes that two large industrial projects are slated to come online in 2010: the 250,000 square foot Empire Merchants North distribution center in Greene County, and the 650,000 square foot Hero Beech-Nut headquarters in Montgomery County (pictured above).

Meanwhile, FedEx is pushing ahead with its plans for a big new distribution center in East Greenbush, and contruction of the ginormous GlobalFoundries plant continues in Malta.

Chris Churchill

One Response

GlobalFoundries, Malta?? aren’t there suppose to be all kinds of suppliers moving in to support the manufacturing when it starts…seems they should be putting their buildings up, leasing space, etc as surely they need lead time… where are they?, do they know something we don’t?, am I premature in my expectations as it seems like the local communites are already deciding how to spend all the additional tax revenue (i.e. reformulation of sales tax distribution in Saratoga County – that’s going to be an interesting battle between the supervisors – Malta & Stillwater taxpayers beware)

I’m still wondering if anyone can provide a pay chart for the factory workers that will be hired by GlobalFoundries, what is the benefit package?…who knows maybe since the state has put so much cash into this venture the factory workers will go into the state pension system

NYS (economic dev. arm) just floated a $1 billion bond issue in Dec, of which about $600 million goes to pay for the building that we will give to GlobalFoundries – interst cost to NYS? – maybe someone can tell us but @ 5%/year thats $30 million/year every year for the life of the bonds, would love to see Saratoga county pay those annual interest costs with the increased tax revenues they are expecting and save all that internal squabbling as to what town gets what

would appreciate if anyone can address any of my concerns – especially the pay for factory workers (not the “avg” job pays $X…thats a skewed number and would not reflect what a less than 4 year degree person would earn there)

last food for thought…when $3 billion in equipment becomes obsolete (say in 10 years) will we (NYS) be asked to pay for updates to “save” jobs; at the rate GF is buying up it’s competition (and capacity), and with it’s stated objective of having a new foundry up and running in not too many years in the UAE we have virtually no bargaining position…they also have AMD’s intellectual property, and the same access to developements at UofA Nanotech that AMD has (remember Abu Daubi owns about 65% of Global Foundries (GF is a Cayman Island Corp!?!? – secrecy, tax haven?!?!) and owns about 8% of AMD including a seat on the board. amazing – we send our oil dollars over there, they use those dollars to buy us out and we subsidize the deal – i guess that is globalization.